Analysis: The crypto derivatives market has not yet entered a structurally bullish phase, and the long-term outlook has not shifted to a bull market.

PANews reported on January 14 that, according to Greeks.live analysis, bitcoin has successfully broken through the $95,000 resistance level, leaving the nearly two-month-long consolidation range. Since falling below this key level in mid-November, bitcoin had been fluctuating at a low level. Ethereum saw a larger increase, but its performance was not as strong as BTC, as it remains within the $3,400 consolidation range. Block trades also reflected this: bitcoin’s block trading volume reached $1.7 billion, accounting for more than 40% of the day’s total trading volume, while ethereum’s block trades were only $130 million, accounting for just 20%. The market is clearly more focused on bullish sentiment for bitcoin.

On the other hand, today’s futures trading volume did not increase significantly, and the main term IV also did not rebound much. The derivatives market has not yet entered a structurally bullish phase; the current trading structure looks more like a stress response to the sudden price surge. The long-term outlook has not yet shifted to a bull market.